Pay Is Millennials’ Top Job Concern, Survey Says

Close behind: meaningful work, getting along with co-workers

By Joan Mooney
7/14/2014

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Forget the idea that Millennials would rather have flexible hours than a good salary.
A recent survey
by Business Insider and News to Live By found that pay came first when U.S.
adults ages 18 to 36 were asked what matters most to them in a job, followed by
meaningful work and a positive relationship with co-workers.

Flexibility was important, but it trailed in fourth place.

“There’s
this myth that young people don’t care about money,” said Bruce Tulgan, CEO of
Rainmaker Thinking and an expert on generations in the workplace. “Of course
they do.” Two important factors relating to pay, Tulgan said, are how much the worker
is paid compared to others doing the same job in the same city, and how much
the person needs to live.

The
survey, conducted with Survey Monkey Audience, found that 16 percent of Millennials
were unemployed after six months in the job market. Nearly one-quarter of the
548 survey respondents said they applied to 11 or more full-time jobs before
they were hired. And when they did land a job, 82 percent did not negotiate
their salary, either because they didn’t feel comfortable doing so (38 percent)
or didn’t realize they could (44 percent).

“They’re
gun-shy,” Tulgan said. “They know how hard it is to get a job in this market.
They’re competing for what used to be called entry-level jobs with people with
a lot more experience. And it’s so easy for them to do online research and find
out what others are paid for similar positions, that they would rather do that
than negotiate.”

Terri
Klass, who conducts leadership training with Terri Klass Consulting out of
Westfield, N.J., was surprised about the finding that few Millennials
negotiated salary. “They do think they’re worthy of a certain amount, and they
might fight for it, especially if they have the right skill set,” she said. “They
have a strong sense of what they’re worth.”

Once
they were employed, 37 percent of the Millennials in the survey left their
first full-time job within two years. Asked what would have kept them in the
job longer, 26 percent said a better salary, followed by a clearer sense of how
to move up within the company (17 percent) and more responsibility (11
percent).

“All
those things are tied together,” said workplace consultant Alexandra Levit,
author of They Don’t Teach Corporate in
College (Career Press, 2009), a
book for Millennials. Her recent study of working Millennial professionals
found that they are entering leadership positions at a younger age than Baby Boomers
or members of Generation X.

“It’s
not quick enough for them, but it’s still quicker than others,” Levit said.

What
does all this mean for employers and recruiters who want to hire Millennials
and keep them on the job longer?

“Recruiters
have to come in with a clear strategy” for young workers, Levit said. “Have
them network, facilitate mentoring, offer experiential learning opportunities.
They’re like other employees except they’ll demand things younger.”

The
difference is, if they don’t get those opportunities, they’ll leave.

Despite
the survey findings on pay, Klass said, companies must still ensure that they
can offer what Millennials want: “a more open, nurturing environment that
values collaboration.”

Recruitment
and work environment are critical. “If you recruit a Millennial effectively,
they won’t leave,” Levit said. “You can extend the time [the person stays] to five
years if you’re allowing them to grow. Give them exciting opportunities,
accelerate transferable skills, show you care about their careers.”

Offering
flexible hours and working locations do help, even if those aren’t Millennials’
top concerns. “It’s now possible to be more flexible because you can get
results anywhere,” Levit said. “People are getting great results at 10 p.m. at
home. Is it really necessary to get through the door at 8:45 every morning?”

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